The Fed's mandate is not to prop up securities markets.
The Fed's mandate is based on inflation and labor markets. We are still at record employment, and inflation is still low.
That said, I believe Powell will lower rates to try to encourage stock buybacks to prop up the market. The tale is wagging the dog anymore.
Can you give us examples of when the Fed has acted after a four-day market drop, much less while there was still less than 4% unemployment?
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